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5 - FNB - Finance and Banking
FNB 240 - Model-Based Monetary Policy Analysis and Forecasting
| Code | Start Date | Duration | Venue | |
|---|---|---|---|---|
| FNB 240 | 22 April 2024 | 5 Days | Istanbul | Registration Form Link |
| FNB 240 | 20 May 2024 | 5 Days | Istanbul | Registration Form Link |
| FNB 240 | 10 June 2024 | 5 Days | Istanbul | Registration Form Link |
| FNB 240 | 15 July 2024 | 5 Days | Istanbul | Registration Form Link |
| FNB 240 | 12 August 2024 | 5 Days | Istanbul | Registration Form Link |
| FNB 240 | 09 September 2024 | 5 Days | Istanbul | Registration Form Link |
| FNB 240 | 07 October 2024 | 5 Days | Istanbul | Registration Form Link |
| FNB 240 | 04 November 2024 | 5 Days | Istanbul | Registration Form Link |
| FNB 240 | 02 December 2024 | 5 Days | Istanbul | Registration Form Link |
Please contact us for fees
Course Description
This course provides rigorous training on the use of simple Dynamic New Keynesian (DNK) models to conduct monetary analysis and forecasting; it emphasizes analysis of monetary policy responses to macroeconomic imbalances and shocks. Participants are provided with the tools necessary to develop or extend the model to fit their own monetary policy framework.
Course Objectives
- Understanding the fundamentals of Forecasting and Policy Analysis System (FPAS)
- Acquiring and applying tools used in modern central banks to conduct monetary policy analysis
- Conducting nowcasting and near-term forecasting
- Using the model to develop consistent medium-term quarterly projections
- Identifying risks in the baseline forecast
Who Should Attend?
- Staff doing macroeconomic analysis
- Mid-level to senior officials responsible for monetary policy decision making
Course Details/Schedule
Day 1
- Monetary Policy Frameworks and Transmission Channels
- Forecasting and Policy Analysis System (FPAS)
- Consistency of Policy Objectives and Macro
- Uncovered Interest Rate Parity (UIP)
- Interpreting economic trends
Day 2
- New Keynesian Model for Policy Analysis
- Output Gap Equation
- Phillips Curve
- Exchange Rate
- Monetary Policy Rule
Day 3
- Solving the Model
- Estimating Long-Run Trends and Gaps
- Tuning the multivariate filter
- Model filtration and recalibration
- Methods in Model Parameterization
- Assessment of Model Properties
Day 4
- Nowcasting in the FPAS context
- State Space Models,
- Dynamic Factor Models (DFM)
- Near-Term Forecasting
- Vector Auto Regressions (VARs)
- Forecasting using VARs
Day 5
- Extending the Core Model: Fiscal Policy
- Fiscal rules and fiscal accounting
- Long term trends and crowding out Simulations
- Risk Analysis under Uncertainty
